VERIP definition

VERIP means the Voluntary Early Retirement Incentive Plan.
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Examples of VERIP in a sentence

  • Further, any dispute arising under, out of, or in relation to this 2024 Commercial VERIP agreement, other than Funds-related matters, will be exclusively settled by binding arbitration before designated arbitrators pursuant to the corresponding 2024 Commercial VERIP documents as described in Paragraph (k) below.

  • The designated 2024 Commercial VERIP Arbitrator shall be ▇▇▇▇▇ ▇▇▇▇▇▇, unless he is unable or unwilling to serve, in which case the parties shall agree upon an arbitrator.

  • All employees who participate in the 2019 Voluntary Early Retirement (VERIP) program will not be eligible to receive the bonuses.

  • There will be no duplication or pyramiding of termination pay payments under this 2024 Commercial VERIP.

  • From 1991 through 1994, the University of California initiated three early retirement options for faculty and staff, known as VERIP (Voluntary Early Retirement Incentive Program), as a salary saving measure during a period of unprecedented budget cuts.

  • There shall be no reduction in any Eligible Employee’s pension benefit for electing early retirement pursuant to the terms of the 2024 Commercial VERIP.

  • The Union understands and agrees that each Eligible Employee will not receive the 2024 Commercial VERIP Benefits if they do not sign a Release or timely revokes and executed Release.

  • The Union agrees and acknowledges on its own behalf, and on behalf of Eligible Employees, that 2024 Commercial VERIP Benefits are greater than any payment or benefit to which an Eligible Employee might be entitled under any policy, plan or procedure, or pursuant to any prior agreement or contract, including any collective bargaining agreement.

  • Any such employee who returns to employment with an Industry Employer contributing to the Building Service 32BJ Pension Fund after participating in the 2024 Commercial VERIP and receiving the 2024 Commercial VERIP Benefits shall have their pension benefits suspended during the period of such subsequent Industry employment consistent with the Pension Fund’s plan documents.

Related to VERIP

  • SpinCo shall have the meaning set forth in the Preamble.

  • OPC has the meaning specified in the recital of parties to this Agreement.

  • CRC has the meaning set forth in Section 2.2(b).

  • RemainCo shall have the meaning set forth in the Preamble.

  • NEC Electronics as used in this statement means NEC Electronics Corporation and also includes its majority-owned subsidiaries.